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Contracts - Chapter 3

This study guide provides definitions and discusses forms of contracts and their validity. It addresses whether a contract is valid if not in writing when required by law. Specifically: 1. It defines form of contract as how a contract is executed or manifested, and informal contract as one that is valid so long as all essential requisites are present, regardless of form. 2. A contract may be oral, written, or partly oral/written, and express or implied. If law requires writing, an unwritten contract is invalid. 3. For a problem where a land sale contract was not notarized as required, the sale is invalid. However, the parties still have rights to compel the required

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423 views2 pages

Contracts - Chapter 3

This study guide provides definitions and discusses forms of contracts and their validity. It addresses whether a contract is valid if not in writing when required by law. Specifically: 1. It defines form of contract as how a contract is executed or manifested, and informal contract as one that is valid so long as all essential requisites are present, regardless of form. 2. A contract may be oral, written, or partly oral/written, and express or implied. If law requires writing, an unwritten contract is invalid. 3. For a problem where a land sale contract was not notarized as required, the sale is invalid. However, the parties still have rights to compel the required

Uploaded by

Leinard Agcaoili
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 3

STUDY GUIDE

I. Definitions
Define or give the meaning of the following:
1. Form of Contract
- It refers to the manner in which a contract is executed or manifested.
2. Informal Contract
- May be entered into in whatever from provided all the essential requisites that
their validity is present.
II. Discussions
1. What may be the form of a contract?
- The contract may be oral, or in writing, or partly oral and partly in writing. It
may be express when the parties expressly set forth their intentions, or implied
when their intentions may be inferred from their actions or conduct.
2. If the law requires a contract to be in writing, will the contract be invalid if it is
not in writing?
- Yes, Contract shall be obligatory, in whatever form they may have been
entered, provided all the essential requisites for their validity are present.
(Article 1356)
III. Problems
Explain or state briefly the rule or reason for your answer.
1. S (seller) and B (buyer) entered into a contract of sale of a parcel of land. The sale
is embodied only in a private document and not in a public instrument because it
was not acknowledged before a notary public as required by law. Is the sale valid?
- No, the contract where the amount involved (any price) must appear in writing
even a private one. (Article 1358)
2. In the same example, what rights, if any, are acquired by the contracting parties?
- Yes, Article 1357 “If the law requires a document or other special form, as in
the acts and contracts enumerated in the following article, the contracting
parties may compel each other to observe the form, one the contract has been
perfected. This right may be exercised simultaneously with the action upon
the contract.

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